marți, 10 februarie 2015

Damn Cool Pics

Damn Cool Pics


Scientists Found 200 Year Old Mummified Monk Still Meditating

Posted: 10 Feb 2015 12:17 PM PST

Local newspapers in Mogolia are reporting that scientists recently found a mummified monk in the Songino Khairkhan province. His body has held up pretty well considering the circumstances and it's clear to see that he was in a meditative state when he passed.























Things That Only Dog Owners Will Be Able To Understand

Posted: 10 Feb 2015 11:12 AM PST

Sometimes living with a dog can be a little complicated.





































The Evolution Of Tommy Lee Jones Over 40 Years

Posted: 10 Feb 2015 10:53 AM PST

Some celebrities just don't seem to age as time goes on. Unfortunately for Tommy Lee Jones, you can definitely tell he's getting older.

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Seth's Blog : "I'm sure it's probably going to happen"

"I'm sure it's probably going to happen"

This two-part sentence tells us a lot about bureaucracy and the challenge of being in the middle. I heard it twice in one week from hard-working but underpowered people in organizations that should know better.

The first half, "I'm sure," is a statement of power. The speaker is trying to establish trust and authority with the customer by owning what is about to be said, speaking for the organization.

And the second half, "probably" is the waffle, the denial of the responsibility just claimed. Don't blame me!

Obviously, the symbolic logic here doesn't hold up. It's nonsensical to say sure and probably in the sentence. But it's a symptom of the impossible situation so many large companies put their front line in.

Either let them own it (not just the saying, but the doing) or teach them and empower them to hand the interaction to someone who does. You build customer loyalty and connection not by answering fast, but by engaging with respect and transparency.

       

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luni, 9 februarie 2015

Mish's Global Economic Trend Analysis

Mish's Global Economic Trend Analysis


Consumers Report Stable Inflation Expectations, Lower Spending Growth Expectations

Posted: 09 Feb 2015 01:09 PM PST

Results from the January 2015 Survey of Consumer Expectations (SCE) indicate median consumer inflation expectations were largely unchanged at both the one-year and three-year ahead horizons at 2.9 percent and 3 percent, respectively.

Median household spending growth expectations retreated significantly from the last month.

The mean perceived probability of finding a job in the next three months (if one were to lose one's current job) continued to increase.

Inflation Expectation Projection



Earnings Growth Expectations



Income Growth Expectation


I could not locate the chart of spending expectations and that was the chart I was most interested in. The Fed does allow a data download so here is the chart I created in Excel.

Spending



I do not place a lot of faith in such projections actually, especially inflation expectations that I find totally useless.

In regards to spending, if consumers really do slow spending, it will be yet another knock on the 1st quarter 2015 GDP report.

GDP Trends

For more on 1st quarter GDP, please see ...


Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com

Hryvnia Volatile, Near 25 Per US Dollar; Three Days of Wild Swings

Posted: 09 Feb 2015 11:25 AM PST

On February 5, I posted Ukraine Floats the Hryvnia: It Sinks, As Expected, Down 45% Today; Carpetbaggers Take Over. Since then, action has been volatile.

Three Days of Wild Swings



click on chart for sharper image

Each of the last three days has seen wild gyrations, all stopping at an upper limit of 25 Hryvnia per one US dollar. It almost seems as if there is a cap on how low Ukraine is willing to let the Hryvnia sink.

If there is another peg, it will likely fail soon.

Today Reuters reports Ukraine cuts official hryvnia rate, closes gap with market rate.
Ukraine cut the hryvnia's official rate on Monday to an all-time low of 24.96 to the dollar, the central bank said, bringing it broadly into line with the market rate following a steep slump in the currency's value last week.

The rate stood at 23.13 on Friday.

On Thursday the hryvnia lost 30 percent against the dollar after the bank moved towards a free float, stopping currency auctions that had served as a peg for the exchange rate and ramping up base interest rates.

The move all but paralysed the country's foreign exchange market, with buyers of hard currency putting off purchases and sellers holding out for higher levels.

According to Reuters data, the bid/ask spread for the hryvnia was in a range of 24.50-25.50 to the dollar on Monday.

The head of FX and money markets at a large Ukrainian bank said sufficient dollar buyers had emerged at around 25.00.

"Trading has been active. If everything goes well in Minsk and if the IMF also gives us money, then we could strengthen to 22-23, but if everything breaks down on Wednesday in Minsk, then I cannot vouch for the rate," he said by telephone.
There is little reason to expect things to go well on the war front. Nor is there a reason for the hryvnia to stabilize here even if talks in Minsk do go well. Ukraine is bankrupt and on dwindling foreign exchange reserves.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com

Will He or Won't He?

Posted: 09 Feb 2015 03:35 AM PST

The question on everyone's mind is "Will He or Won't He?"

The word "he" can mean either the ECB or Greece. Take your choice.

  1. Is the ECB really prepared for a Grexit?
  2. Is Greece really prepared for a Grexit?

In this corner, I am not quite sure either side is prepared for anything. Yet, if one side is more prepared than the other, then I suggest Greece has the upper hand.

Greek Bonds Decline as Tsipras Holds Firm to Bailout Rejection

Bloomberg reports Greek Bonds Decline as Tsipras Holds Firm to Bailout Rejection
Greek government bonds declined, with the three-year yield climbing to the highest since 2012, as Prime Minister Alexis Tsipras reaffirmed his government's rejection of the country's international-bailout program.

Tsipras' comments are "underlining that Greece is still an unresolved issue and that a solution is not going to be easy," said Arne Lohmann Rasmussen, head of fixed-income research at Danske Bank in Copenhagen. "It is always harder to absorb this uncertainty if you at the same time have a lot of supply in the market."
Compromise?

On February 8, the Financial Times reported Washington Urges Eurozone Leaders to Compromise with Athens.
The Obama administration is pushing eurozone leaders to compromise more with Athens as fears grow that a protracted stand-off could damage the global economy, say senior EU and US officials.

The US lobbying comes amid mounting concern in Brussels and Washington about the hardline stand taken by some eurozone governments, particularly Germany, that Greece must press on with budget-cutting commitments made under its existing €172bn bailout regardless of last month's election, which brought anti-austerity party Syriza to power.
Greece Says "No Extension"

Today the Financial Times reports No extension to Greek bailout, says Tsipras.
Alexis Tsipras, the new Greek prime minister, has insisted he will not seek an extension to the country's current bailout, putting his leftwing government on a collision course with its creditors in the run-up to this week's EU summit.

In his first speech to parliament since taking office last month, Mr Tsipras said on Sunday: "This government isn't justified in seeking an extension . . . The bailout has failed.

"The Greek people gave a strong and clear mandate to immediately end austerity and change policies," he said. "Therefore the bailout was first cancelled by its very own failure and its destructive results."

Jeroen Dijsselbloem, head of the eurozone group of EU finance ministers, who clashed publicly with Mr Varoufakis over the debt issue during a recent visit to Athens, said bluntly on Friday: "We don't do bridge loans."
Collision Course

In a way, it does not matter who blinks first.

What cannot be paid back won't. Yet, only Greece is willing to state that. The rest of the eurozone still has not figured out Germany will suffer more than Greece should Greece default.

For further discussion, please see ...


Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com